The Shib Daily: Shytoshi Kusama's “Meme Thesis,” the Terraform Labs’ Downfall, and Barr’s Fed Resignation

This Tuesday, The Shib Daily’s top headlines are about Shytoshi Kusama’s “Meme Thesis,” the ongoing financial harm caused by the collapse of blockchain platforms, and leadership shifts, along with their potential impact on crypto regulations.

Top Headlines from The Shib Daily: Shytoshi’s ‘Meme Thesis,’ Blockchain Platform Collapse Victims, Trump’s Crypto Impact

Shiba Inu’s Lead Visionary Highlights Utility Memes

Shiba Inu’s lead visionary, known as Shytoshi Kusama, recently shared his insights on viral fame and memes during his appearance on the "Meme Mania and the 36 Chambers of Tech" podcast. He discussed the evolution of memes, arguing that they have reached a dead end with regard to internet fame. According to Kusama, the next step is for memes to have utility and governance. He pointed to the Shiba Inu ecosystem, including SHIB, BONE, LEASH, and TREAT, as an example of how memes can serve a purpose. Kusama envisions a future where memes offer more than just entertainment value.

Prosecutors Estimate Over 1 Million Victims from Terraform Labs’ Downfall

U.S. prosecutors are estimating that Do Kwon, co-founder of Terraform Labs, may have over one million victims worldwide following the company's collapse last year. Acting U.S. Attorney Daniel Gitner recently filed a notice with the U.S. District Court to inform Kwon's victims of their rights in the case, which could involve billions of dollars in losses. To assist the large number of affected individuals, the government plans to launch a specialized website for updates. However, it remains challenging to determine the exact victim count due to the nature of transactions occurring on international exchanges.

Barr’s Fed Resignation, Horsley’s Optimism for Crypto Under Trump

Michael Barr, the vice chairman for banking supervision at the Federal Reserve, has announced his resignation from the role, effective February 28. He will, however, continue as a member of the Federal Reserve Board. Discussions about his potential demotion by President-elect Trump's advisers could lead to legal issues regarding the Fed's independence. Barr has been a central figure in U.S. banks' reluctance to service cryptocurrency-related businesses.

On the other hand, Bitwise Asset Management’s CEO, Hunter Horsley, anticipates positive developments for the cryptocurrency sector under Trump. He predicts that his administration might approve mergers and acquisitions, which would benefit major firms. Companies like Amazon and Google could acquire others like Instacart and Uber to expand their dominance. He suggests that this concentration of power could increase the demand for decentralized systems.